Thorstein Veblen: An American economist and sociologist, Thorstein Veblen is best known for his criticisms of the economic establishment at the turn of the 20th century. His most famous work, The Theory of the Leisure Class, is hailed as a groundbreaking exploration of how status shapes consumer behavior. Widely influential in modern economics, he notably coined the term “conspicuous consumption,” referring to the tendency of some to purchase goods or services to show off their success or wealth.